Four More Years for California’s COIN

California Gov. Jerry Brown has signed legislation to extend the sunset date on the California Organized Investment Network’s program, which was set to expire at the end of the year.

Assembly Bill 624 keeps the COIN program going until Jan. 1, 2015.

Under the program, investors can kick in a minimum of $50,000 in zero-interest loans with a Community Development Financial Institution for five years, and in exchange earn a 20 percent state tax credit.

According to Insurance Commissioner Dave Jones, who sponsored the bill, CDFIs have made notable investments across the state, including water hook-ups in two small rural communities, loans for six childcare centers to serve low-income children and micro-loans to self-employed business owners.

AB 624 also authorizes the state insurance commissioner to appoint a COIN Advisory Board to come up with the best ways of increasing insurance industry participation and sound investments.

“This effort is especially important in these difficult economic times,” Jones said in a statement.